This paper will start with an analysis of the Dayton Peace Agreement, and assess to what extent it focused on peace-building, state-reconstruction and democratization. It will provide an overview of major peace-building, state-reconstruction and democratization initiatives by international and local actors in post-war Bosnia. Following the often-presented argument that "Dayton is a good peace agreement but a bad blueprint for a democratic state," the paper will ask if the Dayton Peace Agreement has failed in the consolidation of Bosnian statehood and the democratization of the country. In order to do this, an in-depth analysis of the current situation in terms of state consolidation and democratization will be given. The main argument of the paper demonstrates that while the Dayton Agreement had some inherent weaknesses, actions by local elites and international state-builders also explain some of the current issues of the Bosnian state.